These are examples of how renewal awards are determined. The examples are intended to illustrate how the length and amount of a renewal award is calculated.
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Determining the Length and Amount of a VMLRP Renewal Award
A renewal award is based on information we have on the veterinarian’s eligible debt during their initial application for a VMLRP award and the assumption that the maximum amount of $120,000 (formerly $75,000) was paid toward the veterinarian’s eligible loans during their initial three‐year VMLRP award. However, NIFA reserves the right to decide the length of each renewal award based on its budget and funding priorities.
The following examples provide insight into how NIFA determines the length as well as the award amount of a renewal award.
Example 1: A renewal applicant with an original eligible debt of $95,000 = one‐year renewal award
Quarters 1‐12 = $75,000 ($6,250 per quarter for three years)
Renewal Quarters 1-4 = $20,000 ($5,000 per quarter for one year)
Example 2: A renewal applicant with an original eligible debt of $115,000 = one‐year renewal award
Quarters 1‐12 = $75,000 ($6,250 per quarter for three years)
Renewal Quarters 1-4 = $40,000($10,000 per quarter for one year)
Example 3: A renewal applicant with an original eligible debt of $135,000 = two‐year renewal award
Quarters 1‐12 = $75,000 ($6,250 per quarter for three years)
Renewal Quarters 1-8 = $60,000 ($7,500 per quarter for two years)
Example 4: A renewal applicant with an original eligible debt of $200,000 = three‐year renewal award
Quarters 1‐12 = $75,000 ($6,250 per quarter for three years)
Renewal Quarters 1-12 = $120,000 ($10,000 per quarter for three years)
Under this example, the participant would be ineligible to apply for another renewal award to repay the remaining $5,000 ($200,000-$195,000) upon conclusion of the three-year renewal award. Since the remaining eligible debt does not meet the minimum amount required to apply.